The Collaborative Robot Market is estimated to be valued at US$ 1156.76 Mn in 2023 and is expected to exhibit a CAGR of 46.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Collaborative robots, also known as cobots, are light-weight, small-sized robots capable of performing basic tasks like picking, packing, machine loading and unloading with human assistance or guidance. They share the same workspace as humans without any safety fences or protective mechanisms. Cobots are increasingly being deployed for material handling, assembly, machine and equipment tending, quality control/inspection process, packaging and palletizing across industries like automotive, electronics, plastics, food & beverages and logistics. Their user-friendly programming makes it easy for non-programming staff to operate them which minimizes training time and costs.
Market Dynamics:
Growing labor shortage and rising labor costs are driving companies to automate routine and repetitive tasks, particularly in warehousing operations. Cobots help optimize productivity by enabling 24/7 operations with minimum human supervision. Their integrated safety features allow close human-robot collaboration without any safety risks. In addition, their flexible nature and re-programmability ease redeployment across varying tasks. These attributes reduce overall production costs and boost output for manufacturers. Furthermore, technological advances are making cobots smarter, more affordable and accessible to small and medium enterprises. This widespread availability and easy deployment is expected to significantly drive their adoption across industries over the forecast period.
Segment Analysis
The collaborative robot market can be segmented based on payload, component, application, end user and geography. The payload segment is further divided into up to 5kg, 5-10 kg and above 10kg. The dominating sub segment is up to 5kg as it is affordable and suitable for small scale industries.
PEST Analysis
Political: Tax incentives by governments for adopting collaborative robots by SMEs is driving the market.
Economic: Low cost of deployment and maintenance of collaborative robots compared to traditional robots is boosting the market growth.
Social: Increasing demand for personalized, flexible and safer human-robot interaction is propelling the market growth.
Technological: Advancements in vision guidance, torque sensing, force-limiting and safety rated monitoring has increased the applications of collaborative robots.
Key Takeaways
The Global Collaborative Robot Market Size is expected to reach US$ 1156.76 Bn by 2030, expanding at a CAGR of 46% from 2023 to 2030 due to increasing productivity and reduced costs enabled by collaborative robots.
The Asia Pacific region is expected to be the fastest growing market for collaborative robots during the forecast period attributed to rapid industrialization, growing labor costs and supportive government initiatives in countries such as China and India.
Key players operating in the collaborative robot market are ABB, Universal Robots, FANUC Corporation, Techman Robot, AUBO Robotics, KUKA, Kawada Robotics, Productive Robotics, Kawasaki Robotics, Precise Automation, Yaskawa, F&P Robotics, Rethink Robotics, Robert Bosch, MABI Robotic, Siasun, Franka Emika, Hanwha Precision Machinery, Carbon Robotics, Han€TMs Robot, ST Robotics, and Others. These players are focusing on developing advanced collaborative robots compatible with Industry 4.0 standards to strengthen their market position.
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